Exam 3: Internal Analysis: Strengths, Weaknesses, and Competitive Advantage

A media house wanted to report on the continued success of the software company, AlphaDigiPro Inc.The reporters decided to assess the company in two ways.They spoke to the top management employees and handed out questionnaires to other employees.The results of these data collection techniques helped the media house construct a good article.This scenario illustrates the use of _____.

What is an asset and how does it create an economic value to an organization?

Lynx Inc., a startup firm, has been trying to sell its product to customers.However, the customers do not perceive any value in the product and neither do they find it unique in any way.Lynx Inc.also does not have proper systems and processes that can help in auditing and retaining the profits created by their employees.The company has drained its funds in the process, but it has not been able to successfully establish itself in the market.As a result, the firm has not been able to successful to its stakeholders.Ultimately, the board of directors at Lynx Inc.decides to shut it down completely.This scenario best exemplifies _____.

Differentiate between explicit knowledge and tacit knowledge.

A resource creates _____ if its contributions allow a company to produce a product or service that is of worth to end users.

A company named Runathon Inc.had opened its store that displayed only shoe brands.The employees at the store were very service-oriented, and attended their customers and solved their queries efficiently.Runathon also had a special team of experts who advised customers on the type of shoe to choose for a particular sport.Few years later, another company called FitRight Corp.opened its store right opposite Runathon.Although FitRight had shoe brands, trekking gear, and sportswear displayed in its store, it was not able to attain the profits that Runathon did because its salespeople were not as experienced and learned as Runathon.Which of the following factors of inimitability did Runathon Inc.have?

Todd & Tyler Inc.is an organization that has gained reputation in the market primarily because of its values.The managers of this organization have created a list that ranks the most important job of the day and then consecutively lists the other jobs according to a descending order of importance.In this way, the managers of Todd & Tyler Inc.ensure that the organization's deadlines are handled efficiently.From the information given in this scenario, we can infer that Todd & Tyler Inc.has worked out its _____.

Neptune LLC is a company that manufactures electronic products.Its employees are given specific guidelines regarding the resources and capabilities that they should invest their company's money and time in.The employees are expected to follow these guidelines during Neptune's lean as well as peak seasons.Which of the following terms best reflects the guidelines that the employees of Neptune LLC are expected to follow?

Define rarity and explain how it creates competitive advantage.

Kevin, the General Manager at KlockWorks Inc., wants to assess the true worth of his company.Kevin wants to know the amount of profits accrued by the company, its strengths and weaknesses, and how far ahead is the company compared to its rivals.In order to conduct the research, he does an online search, studies the annual reports, the audits, and pays a visit to a local library.Which of the following types of data gathering techniques for company diamond analysis is being illustrated in the scenario?

TumbleDry Inc., a washing machine company, has been able to make minimal profits in the market.However, TumbleDry has not been able to come up with any product innovations that are unique and hard to imitate.This scenario best exemplifies _____.

The management at WonderPlanners Inc.wants to improve their production and operating capabilities by adopting a leaner process.As such, the employees of WonderPlanners are asked to eliminate the excess use of efforts and materials.WonderPlanners Inc.finally manages to achieve a competitive advantage after its employees follow these new practices repeatedly over time.From the information given in this scenario, we can infer that WonderPlanners Inc.has developed _____.

The employees at Williamson Corp.are finding it hard to manage their daily work in an efficient manner.They are consistently not able to meet their daily targets because they have too much of unorganized workload to handle.Frustrated, they seek help from their managers requesting them to create a system wherein they are allotted work according to their level of importance, so that the important work gets done before they take up the work that is categorized as comparatively lesser important.This system is put into practice, and the employees find it easier to handle work in a systematic and sequential manner.From the information given in this scenario, we can infer that Williamson Corp.has worked out its _____.

A firm's values and rankings of what is most important most accurately defines the term _____.

Erik, the CEO of Indigo Inc.wants to improve the efficiency and effectiveness of his company.In order to do this, he lists out the assets of Indigo and the knowledge that the company has acquired over the years.Erik also analyzes the company's processes and its overall culture.The factor of production that Erik is studying can be best categorized as:

The exclusive sofa company, Seaterz Inc., has the best resources in terms of equipment, employees, infrastructure, and technology.Yet, it is not able to keep pace with its competitor SoftSofa Corp.After extensive analyses, the CEO of Seaterz stated the reason for their limitation.He stated that their company did not have a definite administrative system to audit and retain the profits created by the employees.Which of the following statements can be inferred about Seaterz Inc.from this scenario?

What is an intangible resource?

All assets, capabilities, organizational processes, firm attributes, information, knowledge, and so on, controlled by a firm that enable the firm to conceive of and implement strategies that improve its efficiency and effectiveness most accurately defines the term _____.

Value is usually created when:

Weavers Inc., a popular clothing brand, has been providing its customers with the best quality silk products for many years.The employees of Weavers Inc.use pink berry silkworms for their silk products and weave their greased silk threads in such a way that they produce different shades of colors when held at different angles.Weavers Inc.has been providing unmatched service toward millions of customers around the world.Other companies have tried to imitate their products and services, but have not been successful.Few competitors who captured these silkworms did not know the precise temperatures that were essential for their breeding and survival.Which of the following factors of inimitability does this scenario regarding Weavers Inc.best reflect?